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View Diary: Bill Maher shows why people don't like Mitt Romney (183 comments)

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  •  Today's finance is the problem (1+ / 0-)
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    Joe Willy

    It's not just the people, but the rules. They are malformed. When all the incentives push people towards making a quick buck unproductively if not destructively, that's where they'll go.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Sat Jan 21, 2012 at 05:34:26 PM PST

    [ Parent ]

    •  Finance is many things (1+ / 0-)
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      Jbeaudill

      My corner banker, and his counterpart at the credit union, is/are involved in finance.  With few exceptions, what they do is socially beneficial.  On the other side of what most people think of finance, I have organized large non-profit corporate projects requiring hundreds of millions of dollars in capital outlays.  To get that I used Wall Street investment banks and IDB's.  I worked with those rating agencies, big banks and investment bankers, etc we now decry.  It was true then, and even truer now, that "if you want a friend on Wall Street, get a dog."  The investment bankers were deeply corrupt, but even they performed a useful service.  The part of finance to which I think you are referring is financial engineering: interest rate swaps, dirivatives, mortgage backed securities featuring repackaged liars loans rated Aaa, and the like.  We should have a commonly accepted term for that sort of business - casino finance, flim-flam finance.  I am sure that someone more adept at marketing can come up with a better term.

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